10-K · February 17, 2026
DFIN is explicitly shifting mix toward its cloud-native software platforms (ActiveDisclosure, Arc Suite and Venue) while maintaining tech-enabled services and print capabilities for high-touch clients. In 2025 the…
Earnings analysis · 10-Q
DFIN earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Donnelly Financial Solutions (DFIN) reported Q1 2026 results with revenues of $205.5 million, up 2.2% year-over-year, and EPS of $1.45, exceeding estimates. While software solutions saw a significant increase,…
Read full summary
Donnelly Financial Solutions (DFIN) reported Q1 2026 results with revenues of $205.5 million, up 2.2% year-over-year, and EPS of $1.45, exceeding estimates. While software solutions saw a significant increase, tech-enabled services declined, impacting overall segment performance and margins. Management maintains a cautious outlook amidst market volatility, despite a strong improvement in cash flow metrics.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.45
- Operating margin
- 23.6%
- Segment
- CM-SS
- Segment
- CM-CCM
- Segment
- IC-SS
- Segment
- IC-CCM
What stood out
-
Revenue Growth
Net sales increased by $4.4 million, or 2.2%, to $205.5 million compared to $201.1 million in Q1 2025.
-
Strong EPS Beat
Reported EPS of $1.45 exceeded estimates by $0.14, compared to $1.05 in the prior year.
-
Improved Operating Income
Income from operations rose by $2.7 million, or 5.9%, to $48.5 million compared to Q1 2025.
-
Lower Cash Used in Operations
Net cash used in operating activities improved to $5.6 million from $37.7 million in Q1 2025.
-
Segment Performance Recovery
CM-SS segment revenues grew by $6.7 million, or 12.9%, to $58.6 million in Q1 2026.
-
Significant Reduction in Other Charges
Restructuring and other charges decreased to $0.7 million from $2.9 million year-on-year.
What to watch
-
Decline in Tech-Enabled Services Revenues
Tech-enabled services revenue fell by $6.4 million, or 8.4%, mainly due to a drop in capital market activities.
-
Higher SG&A Expenses
SG&A expenses increased by $1.6 million, or 2.4%, impacting overall margins.
-
Debt Levels Rising
Total debt increased to $229.9 million from $171.3 million as of December 31, 2025.
Management's outlook
Management projects Q2 2026 revenue between $215 million and $225 million with an adjusted EBITDA margin of 34% to 36%.
Earlier filings 4
10-Q · July 31, 2025
DFIN reported quarterly revenue of $218.1 million, down 10.1% year-over-year, driven by declines in tech-enabled services and print & distribution while software solutions grew. Income from operations fell to $52.8…
10-K · February 18, 2025
DFIN is explicitly reallocating investment toward its cloud-native software products — ActiveDisclosure, Arc Suite and Venue — while continuing to serve clients with tech-enabled services and print, noting a prevailing…
10-Q · October 31, 2024
DFIN reported quarterly revenue of $179.5M, essentially flat year-over-year (down $0.5M, -0.3%), but income from operations fell 38.9% to $18.2M and diluted EPS declined to $0.29 from $0.60 a year ago. Software…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.